What should I consider for tax planning when selling my property?
An example of an AI chatbot conversation about tax planning for property sales.
What should I consider for tax planning when selling my property?
When selling a property, consider capital gains tax, deductions, and any exemptions that may apply.
What is capital gains tax and how does it affect my sale?
Capital gains tax is a tax on the profit from the sale of an asset. It affects your sale by taxing the difference between your selling price and your purchase price.
Are there any exemptions I should know about?
Yes, there are exemptions like the primary residence exclusion, which can allow you to exclude a portion of the gain if the property was your main home.
How can I minimize my tax liability from the sale?
You can minimize tax liability by keeping good records, taking advantage of deductions, and possibly timing your sale to fall in a lower income year.
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